BiggerPockets

Similar topic which may provide some answers:

http://www.biggerpockets.com/forums/52/topics/59621-property-managers-why-do-they-always-overpromise-and-underdeliver-

I would imagine you should get the following at a minimum:

Advertising
Tenant Screening
Leasing
Maintenance Service
Reports

But I'm just speculating. As a young entrepreneur that would consider managing other's properties I'm curious as well.

Great thread :D Can't wait to hear everyone's response

Michael,

Feel free to elaborate directly here on the forums - after all, that way everybody can benefit.

I would imagine you should get the following at a minimum:

Advertising
Tenant Screening
Leasing
Maintenance Service
Reports

But I'm just speculating. As a young entrepreneur that would consider managing other's properties I'm curious as well.

Great thread Can't wait to hear everyone's response

mark,
as we learned in the other thread, you don't get these items for just the 8-10%...they'll usually take 1/2 of first month's when leasing, and they mark up maintence/repairs...so i wouldn't include that in the 8-10%....
for 8-10%, you should get communcation, advertising, collecting rents, and answering service calls...for additional money they will mark up these repairs...

My experience is that they are well worth it.

Mine has a full time operation with a staff that leases out homes that he owns as well. They do tenant screening, lease closing, rent collection, eviction, and handle maintenance calls. Obviously, I have to pay for the maintenance, but I don't have to take the call at 10 PM.

1/2 of the first months rent seems a little steep, but it's not so bad when you consider that they probably get your house rented at least that much faster.

I would highly recommend them. However, I wouldn't get some guy that does it out of his house and isn't doing anything that you couldn't do on your own though.

Advertising
Tenant Screening
Leasing
Maintenance Service
Expect preventative as well as remedial maintenance suggestions. I just paid for some HVAC work that wasn't strictly needed since the units were still working. But I sleep better at night knowing that they are checking on stuff like that and making recommendations about what should get done before it becomes a calamity.
Reports
Again, more than the bare minimum. The more detail and frequency, the better.
Not just what happened last month, but what's coming up in the near future - lease renewals and reminder letters that need to be sent out.
Details of repairs and maintenance so you have an idea of what exactly is being done. Then you can ask questions if needed.

A nice web interface/portal is very helpful:

* Tenants can log issues and maint. requests
* Communications between owner/manager can occur
* Owner can access real-time reports on status of property
* Some very nice pictures and information about your property that is available for rent, linked from Craigs List and other places.

http://www.personalrealestateinvestormag.com/uploads/Articles/Property_Management_MJ10.pdf

I found a property manager for my Dyton OH property, Does anyone have any experience with CitiMark Properties, LLC . they are in several markets . are there any contract details i should consider, it is a one year contract and they will automatically fix any maintenance problem up to $250 without prior authority. is this something that should be negotiated? It would not take too long before the profits are eaten up. What is your experience?

The more higher end the property is, the more important a PM is to the owner. A good PM will project a sense of professionalism to potential tenants. It is there business to know the market rents of the property and its competition.

Our company primarily manages our owned multifamily (and office) properties as well as other properties owned by investors with which we have a relationship. We focus on leasing, minimizing operating expenses and capital costs through proper maintenance, financing and full reporting.

If you have the right PM, they are definitely worth it.

Steve, thanks for the link, and Bryan thanks for the input. I will ask for a much lower cap on repairs, and Tod , this is a low end property but too far away for me to manage. also its in an IRA and needs to be passive. Thanks to all